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Egan Jones, the rating Agency, has downgraded France from A- to BBB+ on expectations on the back of "the deterioration in France's credit metrics combined with the needed supported for France's banks are likely to pressure the country," according to the official press released.
The agency also states despite "over the past 18 months France has been exempted from the rise in funding costs. However, as the crisis evolves, we expect that France will be pressured."
The challenge is for French president, said Egan-Jones, "Hollande will be under pressure to keep campaign promises which will ultimately hurt credit quality."
Read more: http://community.nasdaq.com/News/2012-06/eganjones-cuts-france-from-a-to-bbb.aspx?storyid=148511#ixzz1xp6o1Lwc
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